Iseq falls in line with European markets

Iseq 3,103.99 (-18.69) at close: The Dublin stock exchange fell in line with other European markets today after reaching a 17-month high in the previous session, driven lower by falls in the financial sector.

The Iseq slightly underperformed in comparison with its European peers, closing down 19 points at 3,104.

However, volumes were reasonable, analysts noted.

Irish banking stocks gave up the substantial gains made in the previous session, in line with the sector across Europe.

Irish Life and Permanent saw the steepest losses, falling 4.6 per cent to €3.10. AIB shed 3.6 per cent to close at €1.53, while Bank of Ireland slipped 2.5 per cent to end at €1.30.

The pattern was replicated by CRH which also reversed the previous session's gains, shedding just under one per cent on the day to end the session at €18.58.

Food related stocks saw significant activit, with results from UK bakery Greggs helping to generate some interest in the sector. Bakery group Aryzta, which posted positive results earlier this week, gained 1 per cent to €29.60, while Glanbia added just under 1 per cent to €2.52.

Greencore saw above average activity but shed 1.5 per cent on the day to close at €1.35. Kerry Group attracted less interest among the food stocks, trading down 1.3 per cent to €23.25.

Smurfit Kappa saw some of the steepest falls, losing 6.5 per cent, or 15 cent, to close at €5.67, as European competitors announced price increases earlier than expected.

The news that Biogen has confirmed more cases of PML, failed to make a significant impact on activity in Elan's shares. The pharmaceutical group's shareprice did close 0.7 per cent lower at €5.46.

Paddy Power continued its positive run this week, as the Cheltenham racing festival in the UK continued to spell good news for bookmakers. It added €1.15, or just under 5 per cent, to end the session at €24.80.